TLT vs. CEG
TLT (iShares 20+ Year Treasury Bond ETF) is Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index, while CEG (Constellation Energy Corp) is a stock. Over the past 3 years, TLT returned -2.24%/yr vs 38.87%/yr for CEG. At a 0.04 correlation, their price movements are largely independent.
Performance
TLT vs. CEG - Performance Comparison
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Returns By Period
In the year-to-date period, TLT achieves a -1.57% return, which is significantly higher than CEG's -28.03% return.
TLT
- 1D
- -0.75%
- 1M
- -2.94%
- 6M
- -2.29%
- YTD
- -1.57%
- 1Y
- 2.90%
- 3Y*
- -2.24%
- 5Y*
- -7.64%
- 10Y*
- -2.20%
- ALL TIME*
- 3.56%
CEG
- 1D
- 0.44%
- 1M
- -7.50%
- 6M
- -17.38%
- YTD
- -28.03%
- 1Y
- -20.72%
- 3Y*
- 38.87%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 45.07%
TLT vs. CEG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
TLT iShares 20+ Year Treasury Bond ETF | -1.57% | 4.25% | -8.05% | 2.77% | -28.19% |
CEG Constellation Energy Corp | -28.03% | 58.80% | 92.71% | 37.24% | 73.87% |
Correlation
The correlation between TLT and CEG is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since Feb 2, 2022 | 0.04 |
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Return for Risk
TLT vs. CEG — Risk / Return Rank
TLT
CEG
TLT vs. CEG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 20+ Year Treasury Bond ETF (TLT) and Constellation Energy Corp (CEG). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| TLT | CEG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.76 | ||
| Sortino ratioReturn per unit of downside risk | +0.89 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 0.96 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 0.38 | -0.50 | +0.89 |
| Martin ratioReturn relative to average drawdown | 0.87 | -0.93 | +1.80 |
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Drawdowns
TLT vs. CEG - Drawdown Comparison
The maximum TLT drawdown since its inception was -48.35%, roughly equal to the maximum CEG drawdown of -50.70%. Use the drawdown chart below to compare losses from any high point for TLT and CEG.
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Drawdown Indicators
| TLT | CEG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.35% | -50.70% | +2.35% |
Max Drawdown (1Y)Largest decline over 1 year | -7.58% | -41.22% | +33.64% |
Max Drawdown (3Y)Largest decline over 3 years | -17.91% | -50.70% | +32.79% |
Max Drawdown (5Y)Largest decline over 5 years | -43.70% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -48.35% | — | — |
Current DrawdownCurrent decline from peak | -41.21% | -36.99% | -4.22% |
Average DrawdownAverage peak-to-trough decline | -13.95% | -12.19% | -1.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.35% | 22.36% | -19.01% |
Volatility
TLT vs. CEG - Volatility Comparison
The current volatility for iShares 20+ Year Treasury Bond ETF (TLT) is 2.63%, while Constellation Energy Corp (CEG) has a volatility of 10.11%. This indicates that TLT experiences smaller price fluctuations and is considered to be less risky than CEG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TLT | CEG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.63% | 10.11% | -7.48% |
Volatility (6M)Calculated over the trailing 6-month period | 6.82% | 35.36% | -28.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.41% | 46.62% | -37.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.75% | 49.11% | -33.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.84% | 49.11% | -34.27% |
Dividends
TLT vs. CEG - Dividend Comparison
TLT's dividend yield for the trailing twelve months is around 4.65%, more than CEG's 0.64% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CEG Constellation Energy Corp | 0.64% | 0.44% | 0.63% | 0.97% | 0.65% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TLT iShares 20+ Year Treasury Bond ETF | 4.65% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
Frequently Asked Questions
TLT and CEG have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CEG has higher volatility (10.11%) compared to TLT (2.63%). In terms of maximum drawdown, TLT dropped -48.35% vs CEG's -50.70%.
TLT currently has the higher Sharpe Ratio (0.31 vs -0.45), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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